One of the most renowned world-class educational institutions, Harvard, has recently entered the crypto field by purchasing crypto assets and blockchain technologies worth over 95 million tokens, which translates to more or less $11.5 million.
In a report in Bitcoin News, it was said that the Ivy League institution is showing its support for the crypto-currency company, Blockstack Inc., which holds $50 million worth of digital-token offering.
Filing a motion for a token offering with the Securities and Exchange Commission (SEC) using the so-called regulation A+ framework, Blockstack Inc. maintains it will be the first SEC-approved token offering of its kind once the motion was approved. The token advisory board for the case includes Charlie Saravia, a managing director at Harvard Management Co. as a representative.
The filing also states that the crypto company anticipates that the Stack Tokens offering and App Mining program will continue for 28 calendar days, which follows the start of the offering.
Harvard’s recent leap into the crypto field follows after a small group of institutional investors, which includes Yale, another Ivy League institution, who made a similar investment way back in 2018.
Blockstack’s digital assets, called Stacks tokens, functions as an accounting mechanism, which traces the economic stake of holder’s private keys and their value in the network. This was created by computer scientists at Princeton University, which permits engineers to craft secure applications for blogging, developing, and other activities.
With Harvard’s $39 billion endowments, the recent investment is but a mere drop. However, the recent move of the education institution solidifies that the Harvard administration is taking serious steps on looking at crypto assets and blockchain technologies.
Up to this day, spokesperson for Harvard Management, along with Blockstack, refused to comment about the recent investment.